2016 Lansing Real Estate Market Forecast

Over the last year, the Greater Lansing area and Michigan as a whole has experienced a steady home market increase of 1.4% throughout the year, leaving an overall feeling of “recovery” in comparison to the last several years prior to 2015. While we’ve made a lot progress in 2015, our team of real estate experts and local economists predict that in 2016 we will continue to see more growth within the Greater Lansing real estate market. 

Factors Contributing to Predicted Greater Lansing Real Estate Growth in 2016: 

• Steady Economic Growth and Expansion 
• Employment Opportunities 
• Low Interest Rates 

In 2015, we have seen many expansions to corporate organizations such as Jackson National Life and General Motors as well as new businesses popping up around the area creating more job opportunities for local residents and those relocating to the area. Unemployment rates have dropped 3.6% in the Greater Lansing area, which is the best it’s been since 2001. Economists are predicting an increase in 61,100 jobs in 2016 because of business expansion within the area, coupled with the comeback of the real estate market. 

We believe this positive economic environment will translate into growing home sales, which is somewhat constrained by the amount of property available for sale on the market. Average selling prices are likely to rise in this environment and with mortgage rates still at historical lows, 2016 will be a great time to buy a home.

You can stay up to date on all the latest Greater Lansing real estate market statistics by viewing out quarterly real estate market reports.